KING OF PRUSSIA, Pa., March 29, 2017 /PRNewswire/ -- In today's complex retail environment, no business is struggling harder than mid-market brands and retailers. With decades of expertise and experience in the space, Radial took a closer look at consumers' changing eCommerce expectations, driven in part by Amazon's investments, to explore what's plaguing the mid-level market and how businesses can still compete and thrive. The findings were released today in a paper titled, "Beyond Survival: Growing in the Age of Amazon."
"Mid-market businesses are faced with two options. Either deliver an experience that makes customers happy while losing money, or make money but disappoint customers with a lousy experience. Unfortunately, neither option allows for retailers to thrive," said Stefan Weitz, Chief Product and Strategy Officer at Radial, the leading omnichannel commerce technology and operations provider. "Today's customers expect a frictionless shopping experience, and the scary reality is it's nearly impossible for mid-market retailers to deliver that on their own."
The Hard Truth: Mid-Market Retailers Can't Beat Amazon
Radial's findings explore how mid-market brands and retailers must balance two pain points: an infrastructure that's capable of delighting customers and adaptable enough to handle surges of peak season, combined with the right systems and initiatives in place to lift the entire value chain and generate a profit. The paper analyzes the challenges of the mid-market, and presents the viable opportunities that can grow out of them.
For example, Radial points to Shoe Carnival, one of the nation's largest family footwear retailers, who was faced with the need to grow and profit in an eCommerce environment. Since working with Radial for all post-click capabilities, Shoe Carnival has leveraged its strong store network and turned its stores into mini-distribution centers, making them a primary fulfillment source for eCommerce business growth. As a result, Shoe Carnival's eCommerce orders skyrocketed 62 percent year-over-year since 2015, plus the retailer experienced a 61 percent increase in order volume year-over-year, and a 49 percent lift in sales revenue.
Through its partnership with Radial, Shoe Carnival's network of stores has become an increasingly valuable eCommerce asset, leading to expanded product assortment, increased availability across channels, faster shipping, and an overall improved customer experience.
The Silver Lining: Mid-Market Retailers Can Make a Profit
The paper concludes with some innovative strategies mid-market businesses are implementing for a competitive advantage and to differentiate in a way that results in return customers. While retailers shouldn't try to beat Amazon at its own game, there are ways to profitably survive, such as:
- Offer same-day buy online, pick-up in store: This is one of the few ways to beat Amazon Prime's two-day guarantee.
- Match pricing: It's now necessary for retailers to match prices, plus it's likely to incentivize repeat visits.
- Partner with other companies: With the right partners, retailers can deliver a better synchronized customer experience at scale, while generating increases in the bottom line.
For Radial's in-depth analysis, download "Beyond Survival: Growing in the Age of Amazon - A Manifesto for Mid-Market Brands and Retailers."
Radial is the leader in omnichannel commerce technology and operations, enabling brands and retailers to profitably exceed retail customer expectations. Radial's technical, powerful omnichannel solutions connect supply and demand through efficient fulfillment and transportation options, intelligent fraud detection, payments, and tax systems, and personalized customer care services.
Hundreds of retailers and brands confidently partner with Radial to simplify their post-click commerce and improve their customer experiences. Radial brings flexibility and scalability to their supply chains and optimizes how, when and where orders go from desire to delivery. Learn how we work with you at www.radial.com.
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